CBRE has arranged the $6.03 million sale of TriMark Park, a ±48,318-square-foot dock high multi-tenant office/warehouse building in Deerfield Beach.
The buyer, Mindful Capital Group, purchased the 3-acre property in a transaction that closed on February 1. The seller, Deerfield Management Limited Partnership, was represented by CBRE’s David J. Wigoda SIOR, Sean R. Kelly, Larry Genet and Tom O’Loughlin.
“There is very strong demand in Broward Co. for dock high / small bay industrial assets like TriMark Park,” said David Wigoda. “At the time of sale, the property was 100% leased to a diverse mix of tenants, some of which have been at the property since 2008 or earlier. New ownership will have the opportunity to add value by bringing the below market rates up to today’s competitive levels.”
Tenant spaces range from 5,600 sq. ft. to 11,500 sq. ft. with an average office buildout of 25%. The combination of fully air-conditioned and dry office/warehouse spaces plus pure office spaces enables the property to cater to a wide variety of both national & local tenants.
Located at 312-384 South Military Trail, the property is strategically positioned between Interstate 95’s Hillsboro Boulevard & SW 10th Street exits. The property is just south of Boca Raton, one of Florida’s most affluent communities and is less than 3 miles from the Florida Turnpike. The property features incredible transportation dynamics to move throughout South Florida & the state. The northeast Broward submarket features one of the lowest vacancy rates in the county and the adjacent Boca Raton industrial submarket currently ranks at the top in Palm Beach County in both rate & occupancy.
Since 2012, the Northeast Broward submarket has absorbed over 2 million square feet, which has allowed landlords to increase market rents by an impressive 30% over that same timeframe. Overall, Broward County’s 2.9% industrial vacancy rate is currently the lowest in the State of Florida.
Larry W. Genet is a Senior Vice President in the CBRE, Inc. Miami, FL office. As part of the CBRE platform Mr. Genet can provide a wide range of services from local to Fortune 1000 clients including agency and tenant representation, asset or portfolio management, high level logistics, labor and data analytics prior to site selection, project/construction management, capital markets, owner user sales and valuation advisory services. CBRE is the global leader for real estate services worldwide.
Larry has extensive experience in landlord agency, tenant representation, acquisitions, dispositions and property management. As a third-generation commercial real estate professional and South Florida native, Larry boasts deep community ties, an intimate knowledge of the South Florida market and numerous professional contacts. Larry’s leasing expertise of industrial, office, land, retail and medical properties coupled with his experience in acquisitions and dispositions gives him the ability to represent a myriad of clients in the South Florida market. Additionally, Larry controls a portfolio of 13.5 million square feet allowing him to see every deal in the market. This ensures his clients never miss an opportunity. His knowledge of tenants and buyers in the market is top notch and when coupled with his team's vast portfolio, it's a winning combination.
